National newspaper El Tiempo reports that the royalty system reform recently passed by Congress was endorsed for a second time by the Constitutional Court. According to the court, Legislative Act 5 of 2011 amending Articles 360 and 361 of the Constitution, which determine the conditions for the royalties’ distribution, does not overstep the law nor go against regional autonomy.
This week, MinHacienda Mauricio Cardenas went to the World Economic Forum at Davos, Switzerland to sell the Colombian success story. Earlier in the week he told Bloomberg he was not looking for foreign direct investment but was looking to sell the country’s bonds. From a MinHacienda press release, translated and with comments by Hydrocarbons Colombia.
In an interview with Cali newspaper El Pais, the economist Salomon Kalmanovitz spoke about, among other things, the recent tax reform, mining and oil. According Kalmanovitz the reform was not made in depth. He said: “It was mostly tax cuts and the increase was a congressional initiative and not of the government: a one point in the income tax rate from 33 to 34%”.
Last Friday, January 18, 2013 MinMinas Federico Renjifo toured Meta speaking with local inhabitants, mayors and visiting Ecopetrol projects. We thought it interesting very relevant for its comments on environmental and community management. From a MinMinas press release, translated and with commentary by Hydrocarbons Colombia.
Finance Minister (MinHacienda) Mauricio Cardenas spoke to the Morgan stanley Latin America Executive Conference in Miami, recapping the country’s macroeconomic progress over the past years. From a MinHacienda press release, translated and with commentary by Hydrocarbons Colombia.
The Territorial Development Finance company (Findeter) is an autonomous corporation reporting to Colombia’s Minister of Finance (MinHacienda). It can raise its own debt (which has a sovereign rating) and receives deposits from government agencies. It then lends this money to municipalities, departments (states) and other entities providing low-cost financing for infrastructure and development projects. The company recently announced its budget for next year. From a Findeter press release, translated and with commentary by Hydrocarbons Colombia.
President Santos announced that pending royalties resources will be disbursed in February. The OCAD last year approved CoP$2.1T (US$1.4B) for projects and, according to Santos, “These resources will continue disbursement. Next month all those resources will be disbursed “(as quoted in national business newspaper La Republica).
Alan Jara, Governor of Meta, told El Espectador more about the refinery that will begin construction this year in Meta. According Jara, the project is expected to be completed in late 2015. The refinery construction is in charge of the Llaso Company, managed by Ricardo Rodriguez. Llaso emerged from the partnership between the U.S. Company Solver Structural Partnership and Petroleos del Llano, created by the Government of the Meta in 2012.
According to a Central Bank report, the the oil, mining and quarrying sector accounted for over half of Foreign Direct Investment (FDI) in Colombia between January and September 2012. The commerce and hotels sector accounted for 9% while transport and communications accounted for 10% of FDI. The FDI for electricity, gas and water was 5% and 10% for manufacturing. Meanwhile, other sectors contributed 12% of the FDI.
For at least one day in 2012, the country achieved the goal of 1Mbd. From a MinMinas press release, translated and with comments
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